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New sheriff in town! SBF delays Sushiswap liquidity migration and introduces multi-signature mechanism

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New sheriff in town! SBF delays Sushiswap liquidity migration and introduces multi-signature mechanism

FTX founder and Serum creator SBF, after taking over SushiSwap from Chef Nomi, has released a governance proposal that not only cancels the liquidity migration signed by Chef Nomi, but also changes the single administrator private key of SushiSwap to a multi-signature setup to ensure decentralized governance.

FTX Founder Condemns

Following the selling of SUSHI by Sushiswap founder, FTX, the main holder of SUSHI, and Serum founder SBF made comments on the morning of the 6th. He stated that Chef Nomi has messed up, harming his own project, community, and future. However, this does not represent the rest of the community or leaders.

SBF emphasized once again that he is not a developer of Sushi and has not given any investment advice. He also does not know Chef Nomi personally, but has farmed SUSHI and still holds some. (Note: Meaning he has sold off a lot already.) However, SBF is looking forward to the migration and also promoted his proposal in SushiSwap.

He further expressed that anonymous teams are truly scary. Anonymous teams with power are even scarier.

Moreover, SBF later pressured Chef Nomi.

SBF stated that Nomi must give up control of SushiSwap. Because this was originally a very promising project, but was ruined by Nomi's selfishness. He mentioned that he still holds a lot of Sushi and has a large share in the SUSHI/ETH pool because he believes in SushiSwap's promises.

SBF also mentioned that he had recently contacted the SushiSwap team, but he did not know that Nomi was the one holding all the keys.

In short, SBF is pressuring for change. He wants Nomi to step down and emphasizes that Serum has proposed something great for SushiSwap. He promised that if Serum successfully integrates SushiSwap, he will sell off the amount held by Nomi and airdrop it to the farmers once again.

Shortly after, Nomi chose to step down and handed over all control to SBF, astonishingly completing SBF's push. This means that the Uniswap liquidity migration will be completed under SBF's leadership. The Solana/Serum version of SushiSwap that SBF hopes for is also likely to happen with the approval of the community.

Initiating Multi-Signature and Postponing Migration

SBF has initiated a new Sushi community vote. As the previous migration proposal tied to Nomi's administrator keys in the timelock, SBF has proposed to cancel the migration proposal signed by Nomi once the migration code is confirmed to work properly (which may require code changes). It will then be signed by SBF's administrator keys and take effect after a 48-hour timelock. In order to make the platform more decentralized, Sushiswap's governance will transition from a single administrator private key to a multi-signature mechanism. The community is currently nominating candidates and will vote on SUSHIPOWAH. The current proposal has received over 98% agreement.

On the other hand, Uniswap lost $2.1 billion in locked assets within two days. Uniswap lost nearly 40% of its locked value from the 5th to the 6th.

Binance Remains Silent, BAND CTO Suspected to be Chef Nomi

Binance founder Zhao Changpeng clearly stated that listing is a market demand. He also mentioned that the advantage of decentralized exchanges is that no one will complain about which coins they list, while centralized exchanges will receive criticism. Zhao Changpeng mentioned weeks ago that these coins are very risky and showed his post.

He also expressed that they support innovation, and these coins have high returns and high risks. Some will go "to the moon," some will crash. In any case, always pay attention to risk management.

https://twitter.com/cz_binance/status/1302467934879531010

Furthermore, there have been witch hunts, claiming that Sorawit Suriyakarn, the Thai CTO of Band Protocol, is Chef Nomi. However, Band officially denied this. On September 7th, Band Protocol issued a statement, stating that the IP address evidence circulating on the internet is not true, they only share the same IP with SushiSwap on Render.com's proxy server service, which many other companies also use. To avoid misunderstandings, they have decided to switch to a different proxy server. Sorawit Suriyakarn is only interested in auditing SushiSwap's contracts and collaborating on the product.